The US-based cryptocurrency exchange Coinbase announced that it had appointed Faryar Shirzad, a former White House official, as its new chief policy officer to face the ongoing regulatory environment that the crypto sphere is facing off globally.
Shirzad, born in London, served as a member of the National Security Council at the White House from March 2003 through August 2006 during George W. Bush’s administration. He also joins the now US-listed company after having a 15-year tenure at Goldman Sachs, where Shirzad led the firm’s government relations as the global co-head of the office of government affairs.
“Coinbase has never shied away from regulation. In fact, we’ve leaned into it over the past 9 years, allowing us to become a trusted platform bringing consumers and institutions alike into the crypto-economy. As a part of this commitment, we’re thrilled to welcome Faryar Shirzad as Coinbase’s new Chief Policy Officer,” Coinbase said in a blog post.
Furthermore, the company commented that policymakers’ relations around the world are “necessary to unlock the full potential” of the so-called crypto-economy. “As Chief Policy Officer, Faryar will engage with lawmakers, regulators and other policy experts to realize crypto’s full potential to fuel a more equitable financial system along with job creation, GDP growth, and innovation,” Coinbase added.
The announcement comes in the wake of the US Securities and Exchange Commission’s warning about the lack of regulation on the crypto exchanges, specifically to provide enough protection for consumers against fraud or manipulation.
Gary Gensler, the US SEC Chairman, even suggested that the United States Congress should be stricter when addressing the industry. “I think it’s only Congress that could really address it. It would be good to consider,” Gensler noted.
Recently, the crypto exchange unveiled its intentions to raise $1.25 billion in funds through private offerings available for institutional investors. Also, Coinbase announced in April its support for stablecoin Tether (USDT) through its Pro platform.